Item 8.01 Other Events. As reported on November 10, 2006, Registrant received a letter via facsimile from Kidde Fire Fighting, Inc. ("Kidde") on November 2, 2006 alerting Registrant to the fact that there may be a dispute relating to the worldwide licensing of All-Clear™ which may result in a disruption or renegotiation of royalties, revenues and ongoing contracts. In the letter, Kidde asserted that it had terminated its development and licensing agreement with the Registrant due to the Registrant's dispute with TIAX, but that it was willing to negotiate a new agreement following resolution of the dispute. On November 14, 2006, Registrant's legal counsel responded to Kidde, notifying Kidde that its asserted termination constitutes a material breach of the development and licensing agreement by Kidde. On November 17, 2006 Kidde's counsel responded, denying that Kidde has breached the development and licensing agreement, and reiterating its position that the Registrant's dispute with TIAX constitutes a breach by the Registrant of the development and licensing agreement. In this letter, Kidde provided Registrant a 90 day period, until February 15, 2007, to cure Registrant's alleged breach by reinstating Registrant's license agreement with TIAX. Kidde recommended a three-party discussion among Kidde, the Registrant and TIAX. On November 27, 2006, Registrant's legal counsel responded to Kidde, reiterating Registrant's position that Kidde's asserted termination of the development and licensing agreement on November 2, 2006 constitutes a material breach by Kidde, and reminding Kidde that Kidde has 90 days from November 14, 2006 to attempt to cure its breach. Although the Registrant disagrees that the TIAX dispute constitutes a breach of the Kidde agreement, the Registrant is working with both parties to attempt to resolve the matter.
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US Global Nanospace Inc. 2533 North Carson Street Suite 5107 Carson City, NV 89706 United States - Map Phone: 775-841-3246 Web Site: http://www.usgn.com
DETAILS Index Membership: N/A Sector: Technology Industry: Application Software Full Time Employees: 2
BUSINESS SUMMARY US Global Nanospace, Inc., a development stage company, identifies, develops, and commercializes various products, primarily utilizing wide area perimeter security-based or nanoscience technologies. Its products include Modular Autonomous Perimeter Security and Non-Lethal Defense System, an integrated system to protect against the breach of protected property boundaries; and All-Clear, a biological and chemical decontaminant for the neutralization of chemical and biological weapons and contaminants, and for general disinfection and sterilization of surfaces. The company’s other products comprise Radomes, a protective fairing found on aircraft to protect radar antenna to allow radar signal transmission; NanoFilterCX, a cigarette filter for reduction of cigarette smoke toxins; and Nanofilter Pathogen/Allergen Air Filter Purification Systems. Further, US Global Nanospace provides Guardian Antiballistic Replacement Door Skin for the AM general high mobility multipurpose wheeled vehicle (HMMWV) to protect vehicle occupants in elevated threat locations; S.A.G. Turret that offers protection against specific ballistic threats, fragmentation, and shrapnel for the HMMWV; and Blast-X, a blast mitigation material. Its customers include agencies or organizations under the control of the Federal Government of the United States, domestic and foreign businesses, and foreign government agencies or organizations. The company was founded in 2002 and is based in Carson City, Nevada.
-------------------- LIFE IS 10% HOW YOU MAKE IT AND 90% HOW YOU TAKE IT! Posts: 9276 | From: San Diego CA | Registered: Jul 2006
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